question about wiring money abroad?

Question

i needed to send money to a bank account abroad, and my bank in this country (canada) said to wire it. It was $500 and it still hasnt reached my other bank a/c, been a week and a half now. My friend who used work for a bank told me i never should have wired it as money gets lost all the time this way and the bank wont take responsibility. She also added that theyre supposed to tell you about the risks and other ways to transfer money. They did none of this, and they were the ones who suggested i wire it.
Is this true??and is there a way i can get this money back if it is lost??

Answer 1

For small sums, with $500 need the top end of that meaning, Western Union does work well, but if anything happens they can be a long and difficult recovery as well.

Cannot speak concerning Canadian law and what it might require of the bank, but I would seek direct answers from the bank on your end about what is needed to acquire a refund. This information should include the amount of time for each step, including this initial wait, and exactly what will be needed at that point, so you can start preparing it as soon as possible.

Businesses and anyone who moves large sums internationally wire the money. It is normally reliable, and it is much cheaper than other forms of international transfer, except perhaps a postal service and money orders -- but then there is normally some kind of fee for handling a money order on the receiver's end, and very possibly a wait while the bank handles the transfer of funds on the money order -- which will likely be done by wire after the issuing bank has the paper they first issued back in their hands.

Good luck.

Answer 2

I wire money all the time between my banks in the U.S. and Germany. Never had a problem, because you wait until the transaction is completed. All information is given to the bank officer prior to the transfer. Name, city and the aim number of the bank. Each bank has a specific aim number usually it is an 8 digit number that identifies the landing bank in full.

Did you provide this information?, if not the bank should have it by simply looking it up. Go back to the bank and put a trace on your lost funds.

Answer 3

You need to have your Canadian bank put a trace on this transfer immediately. The funds should not take more than 4 business days to transfer and the sending bank must be the initiator of the trace.

It is up to the sender (you) to provide accurate beneficiary information, including name, account number, bank and bank remittance information (i.e. SWIFT code). If the transfer was to an account in Europe, then you are also required to provide the exact International Bank Account Number (IBAN) or the transfer can be delayed and/or have additional fees deducted.

Answer 4

Was there a limit on how much money you could wire abroad? I know that Western Union has limits on how much can be wired abroad and within the country, so if your wire transfer exceeds the limit by even $.50 Western Union will not release the funds to the other party until you call them and confirm the transfer. Otherwise, it just sits there and Western Union could care less because it's money they have on hand until it's confirmed by the sender.

Answer 5

There is no limit to a wire transfer to the US but any amount above $9,999.99 is reported to the US Treasury. Lower amounts are also reported if the transaction is deemed 'suspicious'. A wire is safer than bringing cash in due to the possibility of theft.

Answer 6

Wiring does work, but you have to have two banks that know each other. You should have asked your bank if they have any international partners in the other country, then wire to THAT bank, and let that bank talk with the local bank into your account.

The other way is to Fedex some cash. :)

Answer 7

You failed to say where the money was going. There are generally remittance services to just about every country. I send what ever amount to the Philippines on a regular basis. It costs me $10. and the money is most always there the following day, delivered in person to the recipient.

Answer 8

Western Money Transfer has a good reputation. Had a good experience multiple times